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Import duty hike likely to weigh on stocks of gold jewellery retailers

Analysts were bullish on Titan before, but may downgrade target price

Gold  | Gold import duty | Import duty

Devangshu Datta 

There wasn’t much impact on the share prices for Titan, Kalyan Jewellers, and PC Jewellers immediately after the government’s announcement and analysts have ‘buy’ recommendations on the sector

The hike in on is designed to dampen import demand. The basic duty hike to 12.5 per cent from 7.5 per cent also has a load of 3 per cent goods and services tax (GST). This hike is designed to ease pressure on the country’s trade account and the rupee.



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First Published: Fri, July 01 2022. 20:50 IST